Dover Corp (DOV) Gets a Hold Rating from Oppenheimer


Oppenheimer analyst Bryan Blair maintained a Hold rating on Dover Corp (DOV) today. The company’s shares opened today at $96.35, close to its 52-week high of $98.80.

Blair commented:

“DOV reported 1Q19 adj. EPS of $1.24 vs. our/consensus $1.14/1.10E, with the beat driven by strong Fluids revenue, ES margin, and a favorable tax rate. The quarter was highlighted by 8% organic revenue growth, 230bps segment margin expansion, and impressive 38% adj. EPS growth. While flat y/y organic bookings point to moderating 2019 core growth (off elevated levels) and DOV faces a challenging 4Q comp, 1Q outperformance affords management confidence in lifting its 2019 core sales outlook (now +3-5% vs. +2-4%) and maintaining adj. EPS guidance of $5.65-5.85 (tracking toward the high end). With DOV trading at reasonable valuation (~13x EV/EBITDA), we seek greater confidence in material upside to numbers and/or a pullback of shares to move off the sidelines. Maintain Perform.”

According to TipRanks.com, Blair is a 4-star analyst with an average return of 10.5% and a 79.5% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Carlisle Companies Incorporated, Lincoln Electric Holdings, and Watts Water Technologies.

The word on The Street in general, suggests a Hold analyst consensus rating for Dover Corp with a $94.88 average price target, which is a -1.5% downside from current levels. In a report released today, Robert W. Baird also downgraded the stock to Hold with a $47 price target.

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Dover Corp’s market cap is currently $14.17B and has a P/E ratio of 26.47. The company has a Price to Book ratio of 4.93.

Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock.

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Dover Corp. engages in the manufacture of equipment, components, and specialty systems. It also provides supporting engineering, testing, and other similar services. It operates through the following segments: Engineered Systems, Fluids, and Refrigeration and Food Equipment.

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